Luckin Coffee Inc (LKNCY)

[brunners]

Luckin Coffee gets a new CEO, board chair
4:54 PM ET 7/13/20 | MarketWatch


Luckin Coffee Inc. (LKNCY) said Monday its board has appointed Jinyi Guo, a board member and former acting chief executive officer, as the board's chairman and company's CEO, ending weeks of internal strife at the Chinese coffeehouse chain. Luckin also appointed two independent board members and announced the departure of four others. The board last month called for the ousting of then-Chairman Charles Zhengyao Lu, who in turn had asked for the ousting of a board member involved in an ongoing internal probe. The company has been under investigation for financial misconduct and its American depositary shares have lost more than 90% this year. The turmoil also contributed to a delay in the company's annual report. The ADRs rose 0.3% in the extended session Monday after ending the regular trading day down 22%.